All Forum Posts by: Sean Forner

My system is "short cyclng" due to it being over-sized.  Any input from this community would be greatly appreciated.

My tenant complained about not getting enough heat last week. There are only two rooms in the upstairs townhouse that are getting low air flow. The HVAC company came out and said that the HVAC unit is too big for the area (100bcu?) and needs a smaller unit (60bcu). Also, that the duct work is too small and needs to be replaced as well. Originally they said I need a return air duct to get more air going to the second floor. Now they're trying to replace the entire unit and ducts for $10,000. What should I do?

Mat,

Can they just sign as the company at the end. As LLC?

I am in the process of signing a rental agreement which states the tenant as an LLC. Then at the bottom of the agreement the signator are the two individuals who own said LLC. Is this fine or should the signature line just be the LLCs name?

Do you know if there will be a gift tax if the cash out will be around 50,000?

I understand your concern. Both my dad and I have worked with the lender. I know we will be able to refinance the property. Really the only question I have is that if we refinance the property can I use the cash out if I'm on the title/deed of the home and not the mortgage. If I can't I'll just refiance the property under my name.

Thanks for the reply. I would finance this under my name, but that would increase my debt ratio and limit the amount of properties I can finance. I'm just thinking that I should take advantage of the fact that my dad is very willing to hold the debt for the cashout and mortgage and keep me on the title, so I can finance as many properties as possible.

I'm trying to utilize the equity I've built up in my rental to buy a few more properties. I'm currently not on the mortgage, but I'm on the title. If i refinance in my dad's name can I use the cash out to purchase/finance new properties? It'll be roughly 75k cash out.

Can't get vinyl siding because it is a historic house in the historic district.

I can't get lead safe certified despite having no lead dust or chipping paint on the interior. The problem is my house has wooden siding and the paint is peeling on it. MDE says that there can't be any peeling/chipping paint, so do I spend the $4000 and have the exterior painted?